Fintech bridging loan specialist Bridgit has secured $7.7 million in equity funding to strengthen its buy now sell later product.
The investment was provided by OIF Ventures and Perennial Partners to assist in scaling up the bridging loan product and strengthen broker relationships.
Bridgit aims to make its partnerships with brokers as simple as possible - brokers can visit the Bridgit website to become accredited with the non-bank lenders in less than 24 hours.
The non-bank lender specialises in bridging loans and offers same-day approval to consumers through proprietary technology. Its focus is on assisting homeowners looking to purchase their next property quickly and seamlessly.
Bridgit CEO and co-founder Aaron Bassin (pictured above right with co-founder Nick Jacobs) said he was proud of the deal and the funding acquired.
“The strong demand from investors in this latest round is a clear vote of confidence moving forward,” Bassin said. “This funding gives us the ability to build out our team and further develop a successful business culture that’s ready to disrupt the industry.”
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He said Bridgit appreciated the support from strategic investors which helped the company to scale its technology across Australia. This provided confidence that the product would change the way people financed their next home.
“We’re also continuing to strengthen relationships with our broker partners who have historically struggled to support borrowers in the bridging loan space through traditional lending avenues.”
The new funding would allow Bridgit to invest in people, product, and technology with the mission of making the lending process simpler and more accessible for brokers.
“It will allow us to continue optimising the application process, the online lending experience and of course the customer support team which we know is so important in the financial space,” Bassin said.
Bridgit’s unique offering gave Aussie homeowners the opportunity to buy their dream home by accessing fast liquidity where they would normally be held back by traditional lenders.
“The power of our proprietary technology means we can determine a customer’s equity position through real-time analysis of their properly data, credit history and financial situation. We also offer personalised customer and broker portals which provide visibility of the lending journey and the key actions required,” said Bassin.
Co-founder and partner of OIF Ventures, Jerry Stesel said the firm was pleased to partner with Bridgit in this latest funding round.
“They have identified a problem for Australian homebuyers and have developed an elegant and effective solution,” he said.
